State Bank of India ties up with Oxigen to promote kiosk banking

Mumbai, Sept.16 (ANI-Business Wire India): Oxigen Services Pvt. Ltd and support company “Sahyog Micro Finance Foundation” today announced a unique tie-up with State Bank of India (SBI) to offer banking services by connecting directly to the SBI Core Banking System. Appointing Customer Service Points at Oxigen Retail Outlets would do this.

Speaking on the occasion, Pramod Saxena, Managing Director and Chairman, Oxigen, said: “This kiosk-based banking model will provide the necessary ease and comfort to customers in all parts of India with inherent benefits like flexi timings and reach through current Oxigen footprint of over 20,000 web enabled retailers.”

“This localisation of retail banking services is much needed for financial inclusion of the unbanked population in both rural and urban India. There is also room for including our PoS (Point of Sale terminals) retailers in the future,” he added.

Riten Ghose, State Bank of India General Manager for the Mumbai region, said: “This is an attempt by SBI to open banking services across strata of the society and to make transactions, including savings, a regular part of everyone’s life.”

“The web enabled retailers will have SBI Kiosk Banking Customer Service Centre signboards and core banking technology, enabling them to do banking services for masses,” he added.

“In the first phase, the activity has been rolled out in Delhi-NCR and today we will inaugurate Mumbai /Maharashtra and then this service will be taken nationwide,” he said.

One of the principal features of the web-based no-frill kiosk banking is that it can reach out to the unbanked masses across India and help them open accounts with minimum documentation.

As part of the service, biometric readers will record user fingerprints for banking transactions, which includes cash deposits and withdrawals, money transfers to other SBI accounts.

Customers can also avail auto/home loans and loans against property and gold, getting NSC/KVP certificates, investing in mutual funds, and activating different accounts current, term deposits and recurring deposits at these locations.

Indeed, with a base of over 75,000 outlets and growing, Oxigen has the ability to create a vast network of banking kiosks reaching out to the nooks and corners of the country.

In the last two weeks after the Delhi/NCR launch, 30 outlets have been appointed as Customer Service Points to SBI and are growing; 350 bank accounts have been opened and are Transacting. They have seen cash deposits, withdrawals and money transfers amounting to several Hundred Thousand Rupees.

Existing 5000 web-enabled Oxigen Retailers in Mumbai and Maharashtra are targeted to be Customer Service Points (CSPs) to SBI, to carry out banking transactions on behalf of the national bank.

Oxigen has emerged as the undisputed leader in single point recharge, bill payments and ticketing services in the country. It has pioneered the idea and execution of electronic virtual distribution of services like prepaid airtime and prepaid DTH. (ANI)